Cryptocurrency exchange Binance has set out to support crypto miners through a lending program established by its mining pool. Presenting the initiative this week, the coin trading platform also unveiled that Binance Pool intends to launch cloud mining products.
Leading Exchange Binance to Help Bitcoin Miners in Difficult Times for Crypto Businesses
Binance, the world’s leading crypto exchange by daily trading volume, has announced plans to offer financial assistance to companies involved in the extraction of cryptocurrencies. The loan project was recently unveiled by the platform’s mining pool.
The program will help bitcoin mining and infrastructure providers as part of efforts to bolster the mining industry. “As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem,” the exchange said, elaborating:
Given the current market conditions, Binance Pool has launched a $500 million loan project to support crypto miners and digital infrastructure providers.
This is Binance Pool’s first such initiative. With the project, the global crypto company aims to offer secure debt financing services to both public and private blue-chip bitcoin (BTC) mining and digital asset infrastructure companies around the world.
To gain access to the loan, borrowers have to accept a set of terms and conditions such as a tenure of 18 to 24 months and interest rates between 5% and 10%. Miners will also be required to provide Binance with satisfactory security in the form of physical or digital assets.
In the announcement, the exchange further revealed that Binance Pool intends to launch cloud mining products. As the cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers, Binance Pool is looking for cloud mining vendors to work with it, the trading platform explained.
Binance Pool is one of the leading entities in the mining sector in terms of hash rate, along with Foundry USA, Antpool, F2pool, and Viabtc. After declining on September 27, for the first time in two months, bitcoin’s mining difficulty reached an all-time high on October 10, as reported by Bitcoin.com News, making BTC more difficult than ever to mint. , crypto with crypto largest market cap.
